TSMC's revenue in November was the third highest in history, and most US securities firms believe that TSMC's revenue in December is expected to hit another high, capacity utilization will remain high, and higher production efficiency and cost optimization will boost gross profit margin performance, and the fundamentals will remain the same.
According to a report by the Taiwan media "Industrial and Commercial Times", JD Morgan had previously downgraded a number of contract factories, including United Power and LSMC, to "neutral", and the world's advanced had been downgraded to "worse than the market", but TSMC still maintained a "better than the market" rating.
JD Morgan pointed out that TSMC's advanced manufacturing process is "unbeatable in the industry", and the rising space lies in: Qualcomm and Nvidia's 2022-2023 advanced process orders are obviously transferred from Samsung to TSMC; Intel contract manufacturing is further promoted; and Apple is expected to make its own (in-house) data machine chips from 2023.
Overall, TSMC's 5nm process will have a market share of about 90 per cent in the next few years, while the more cutting-edge 3nm process will be between 80 and 90 per cent. Under the premise of tight supply, more capacity must be expanded in 2023-2024.
UBS Securities believes that TSMC's last law will help allay market concerns about TSMC's gross profit margin in the short term, but the market debate over the potential room for follow-up operations has not stopped.
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